Motor Insurance Industry - Ridiculous Price Hikes, Again!

My renewal is due next month, be interesting to see how I fare. I moved from AA to It's For Women last year and saved myself €400 ish.
With a 21 year old car I might just need to take what I am given.
 
@Sarah Ryan you must surely be close to minimum premium for the car itself (ignoring add-ons or electives). I'd be interested in hearing what that is. I'd guess about €260/€280.
 
mathepac said:
@Sarah Ryan you must surely be close to minimum premium for the car itself (ignoring add-ons or electives). I'd be interested in hearing what that is. I'd guess about €260/€280.
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€407.47
44 years / full ncb clean licence and advanced driving test
05 Audi A4 1.8 petrol turbo
 
m.independent.ie

Insurers will be forced to explain to drivers why they are increasing their premiums under new government initiative

Motor insurers will be forced to explain to policyholders why they are increasing their premiums under the provisions of a new government code.
m.independent.ie m.independent.ie
Motor insurers will be forced to explain to policyholders why they are increasing their premiums under the provisions of a new government code.

They will also have to clearly explain premium calculations, outlining fees, charges and discounts.

The initiative aims to ensure cost savings from reforms are passed on to consumers and businesses, according to junior finance minister Robert Troy.

Abiding by the “Motor Insurance Transparency Code” is voluntary, but already a number of motor insurers are understood to have signed up to it.
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www.gov.ie

Government Launches New Motor Insurance Transparency Code to enhance Consumer Understanding and Trust

www.gov.ie www.gov.ie
 
"Motor insurers will be forced to explain to policyholders why they are increasing their premiums under the provisions of a new government code.
They will also have to clearly explain premium calculations, outlining fees, charges and discounts."

Do they not already do this anyway??
I've been with Aviva over 10 years now and have always got my renewals at minimum for Mrs C and within 10% for myself
The premium and it's breakdown is clearly listed in the schedule, yes my gross premium may have gone up since last year
but that was and will most likely be explained in general terms like the ever increasing number and cost of settling claims

I cant see how increased Insurance premiums for the individual can be explained other than in the general
Unless the individual has been the author of their own premium hike
 
Cervelo said:
outlining fees, charges
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I'd say this is the part they're getting at. Full disclosure of fees/commissions like on (most) life and pension products. If you get a renewal from an insurer or broker it doesn't state that the premiun is €500 and the commission is €100.

I get my Professional Indemnity renewal and it tells me that the broker fee is €200. It doesn't tell me that the insurer is also paying the broker 15%/20%/30% of the premium. So I might think, poor cretúr of a broker is 'only' getting €200 for their work, that's so unfair.
 
m.independent.ie

Revealed: How the cost of your car insurance premium breaks down

Compensation payments swallow up €45.50 out of every €100 a motorist pays in their insurance premium. But the insurance firm itself takes a €46 cut for costs and profits.
m.independent.ie m.independent.ie

Revealed: How the cost of your car insurance premium breaks down​

  • Every €100: €46 to firm, €45.50 to compo claimant, €7.60 to lawyers
  • Insurance company costs are higher than payouts, say solicitors
  • Claims costs are the key driver and litigation causes delay, say insurers

Compensation payments swallow up €45.50 out of every €100 a motorist pays in their insurance premium. But the insurance firm itself takes a €46 cut for costs and profits.

Legal costs make up another €7.60, with 88c going on other random costs.

A new analysis of insurance costs accuses the industry of driving up the price of premiums and failing to pass savings on to consumers.
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Sarah Ryan said:
Renewal came in €430, very happy with that!
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Mrs C is always at Aviva's minimum €310 and I'm at the most within 10% of that, so yeah I'm happy with our motor insurance renewals costs

The article is behind a paywall But I'm wondering what's the point of this article??
So €7.6 to lawyers, is that for both sides or just the claimants?
€45.50 in compo, is that too much to be paying out in claims?
And €46 to the firm for costs and profit, what's the break down of this figure, is it like €40 in costs and €6 in profits?

And the questions go on not just in insurance costs but in all the essential services and utilities that we have to have to live our lives!!
Years ago the used to say 98% of every health insurance premium went out in claims, wondering is that still the same today??

Bottom line for me is how much is a business allowed to make off the backs of hard working people before it's classed as profiteering
 
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Cervelo said:
Bottom line for me is how much is a business allowed to make off the backs of hard working people before it's classed as profiteering
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If I make a modest profit this year, a loss next year and a killing the following year - am I seen to be profiteering based on the last year?

The insurer has little or no control over legal, compo costs and I don't know the margin after their own costs. I'm no defender of general insurers but they're an easy target for media. Mainly because it's just analysis by omissions.

Attended a seminar on life insurance during the week and the stand-out stat for me that 99.16% of their life insurance claims were paid in 2025. But, that's not newsworthy. What would be newsworthy would be the 'unfortunates' that were denied a payout. But, the omission from that story would probably be that the 0.84% were uninsurable to begin with, so basically lied to get cover.
 
GSheehy said:
If I make a modest profit this year, a loss next year and a killing the following year - am I seen to be profiteering based on the last year?
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Well this is it, how do we arrive at a profit figure, is a 12 month period to short for the insurance industry
Would a 3 or 5 year period be more suited given the insurance companies have no control over outside influences

The article is accusing insurance companies of "driving up" insurance costs with their "costs and profits"
It's a statement that I don't agree with without a further breakdown of their "costs and profits"
or as you say
GSheehy said:
it's just analysis by omissions
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Renewal cheaper than last year! (by €7 :D)

€342 incl €12 levies. €349 last year.

AIG Golfer. Volvo V90. Full NCB, 0 points.

Used same details and a previous UK address in semi-rural Bishop's Stortford and cheapest UK quote was £719. Sadly, as it puts Irish car insurance rates in a very positive light, media won't show how low we are compared to the UK.
 
ClubMan said:
One anecdote isn't a data set from which general conclusions can be drawn.
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true, but average rates in the UK are circa €840 (£726), average rates in Ireland are €655.

UK average is almost 30% higher.

When UK rates were lower, the media loved to point it out. That they have been higher for several years now, means it doesn't suit the media to make comparisons with the closest comparative market
 
I do insurance for sis in law, who is 82, last year was 638 FComp, renewal ....€1273.74 changed car to a VW 2020 UP AUTO. Still a bit steep.
 
Would that have to do with age I wonder? Thats a big jump. Start shopping around, if you beat it, excellent. If not then at least you know thats the best price.
 
It's also possible that the jump in price is related to changes in the market segments that the insurance company is targeting. E.g. they want to reduce the number of 80+ year olds that they cover for actuarial and/or commercial reasons.

As @Persia says, the only way to find the best deal for a specific case is to shop around as widely as possible online and via a few brokers if necessary.
 
I'm with AXA through AIB as broker for the last few years and lost the points off my licence during the current period of cover which expires next Friday 31/07/2026*. I got my very timely renewal notice on 26/06/2026 and I rang them this morning to say I hadn't received my insurance cert and disc yet. The deal is that unless I intervene and tell them otherwise, the insurance renews automatically with deposit taken in the first week in August and 9 equal monthly payments taken by DD over the year, handy enough.

The good news was that I got an extra bit of discount with no loss of any of the listed benefits, down to €505 fully comp, driving other cars, breakdown, glass, rescue, key loss, step back, no credit charges, etc, etc. Very happy chappy this AM, €150 saved from last year. I guess they're not all gougers.

*I was writing about this court case, the conviction and the appeals in here until [EDIT] @Brendan Burgess wisely advised me to take the thread down as the matter, while posted anonymously, was still sub judice. Pre-covid matter, just over, unjust according to barristers, and very expensive.
 
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My 2 cents, hse insurance thoo.

Renewal notice from Zurich, about 378 or so, shopped around on few sites and Bonkers, Bonkers showed quote for Zurich with same criteria for 336.. Rang Zurich and they said they could do nothing, so went with Zurich from Bonkers...

They have the name correct anyway, it is all bonkers..

The lesson being shop around!
 
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